Latin Metals has entered into a binding letter agreement with Atlantic Metals, a wholly owned subsidiary of Moxico Resources, a private copper miner.
Under the terms of the agreement, Latin Metals granted to Moxico the option to earn a 75% interest in its Esperanza and Huachi copper exploration projects in San Juan Province, Argentina, through staged cash payments in the aggregate amount of US$2,775,000.
“The Esperanza project has seen 8,500 meters of drilling, with Latin Metals’ best drill hole intersection returning 387 m grading 0.57% copper and 0.27 g/t gold from surface, including 166 m grading 0.84% copper and 0.37 g/t gold from surface. We look forward to seeing results from the exploration to be completed by Moxico,” said Keith Henderson, president and CEO of Latin Metals.
Upon the fulfilment of payment obligations and work commitments, Moxico and Latin Metals will form a joint venture for the continued exploration, development and, if warranted, commercialization of Esperanza and Huachi.
Source: Latin Metals